In our ongoing effort to deliver the very best in cryptocurrency trading, Bitfinex is pleased to announce several changes and enhancements that will be effective on March 15th 2014 at 24:00:00 UTC.
New Commission Structure:
We have decided to adjust the commission structure to reward traders that “add liquidity” to the order book. This so-called “maker/taker” pricing strategy is a common feature in capital markets around the world and we believe that implementing such a strategy is in the interests of Bitfinex and its traders. We consider this change to be somewhat experimental and we will act quickly to make any necessary adjustments should it prove to be disruptive. The new fee structure will be as follows:
|BTC/LTC Executed in Last 30 Days||Current Fee||New Add Fee||New Remove Fee|
|Less than 500||0.15%||0.10%||0.20%|
|500 or more, but less than 2,000||0.14%||0.08%||0.20%|
|2,000 or more, but less than 5,000||0.13%||0.06%||0.20%|
|5,000 or more, but less than 15,000||0.12%||0.04%||0.20%|
|15,000 or more, but less than 25,000||0.11%||0.02%||0.20%|
|25,000 or more||0.10%||0.00%||0.20%|
Please note the following:
Our highest applied fee (0.2% for liquidity removers) is the lowest in the market. Traders in the top tier trade commission free when adding liquidity. This change in pricing structure is designed to be revenue neutral to Bitfinex on an average per BTC basis. We will be revisiting the 30 day volume brackets in the coming weeks in an effort to create a smoother tier system.
New Banking Fees:
We have resisted making changes to our fiat banking policy, but we can no longer continue to absorb the increasing costs of maintaining multiple banking relationships around the world. As such, we are imposing a 0.10% fee on all withdrawals and deposits, subject to a $20 minimum. These fees are still amongst the lowest in the industry and we believe that this new fee structure represents a sustainable fiat banking model as we continue to grow. We are also proud to be one of the fastest platforms in withdrawals, with an average waiting time of 2.37 working days for our customers. This will remain unchanged. Express withdrawals fees (within 24 hours) will stay at 1%.
Removal of Notify Option:
The “notify” feature available when placing orders or liquidity offers is being removed as it is almost never used and doesn’t actually work very well in certain circumstances. We are, in general, always looking to simplify our interface and prune features that no one uses or may no longer be relevant, paving the way for us to add new features to a clean and uncluttered interface.
Removal of Swap Insurance Option:
We are eliminating the swap insurance options for traders offering liquidity. The model of an insurance “pool” only works if the pool size is significant relative the size of the swap market itself, which, at ~$54k it is not.
Change in Swap Policy:
Another reason for removing swap insurance is that we have decided to effectively insure all swaps on the platform. Our order book depth and increased volume over the last several months has created an environment where we are comfortable in managing the risks associated with forced liquidations. Although we have a greater comfort level, it does not mean that such insurance is not without risks to the firm’s reserves. As such we are increasing our fee on the swaps from 10% to 15%. We believe that this is a small price for liquidity providers (instead of the previous 30% insurance option) to have greater certainty and comfort during times of increased volatility.
The Bitfinex team
Please note that we have switched banks for the receiving of wires.
Wires that have already been sent to the Shanghai Pudong Development Bank will still be completed, but please do not send new wires to this account effective from today.
The new bank account details are now shown on the deposit page with wire instructions.
The Bitfinex Team
Please check carefully when you're logging in Bitfinex that the url is https://www.bitfinex.com
A malicious phisher registered a website called bitfinex.net and copied our home page. This is not us, just an attempt to steal your password. Thru our lawyers we are trying to ask authorities to shut down this scam.
If you tried to login on bitfinex.net, please change your password as soon as possible. We encourage every user to enable the OTP verification in order to prevent frauds.
Have a good day
The Bitfinex team
In an ongoing effort to better serve our customers, we have rolled out a series of enhancements to the platform designed to make your trading experience at Bitfinex more intuitive, efficient, and cost effective. To that end, we have made the following changes:
1. Announcements Page: Yes, we know, this has been a long time coming, but we have one now. We have a lot of great stuff planned for the future so we anticipate using this feature to communicate to our loyal customer all the cool new features and enhancements coming down the pipeline. We will soon be adding feedback functionality – we want to hear from you!
2. Real-time Liquidity Swap Matching: In the past, matching was done only periodically at intervals sometimes as long as 15 minutes, creating a “crossed” order book for liquidity swaps and making efficient price discovery difficult. We have re-engineered that process to match liquidity swap offers in real-time, dramatically improving the customer experience.
3. Liquidity Swap Time Range: In an effort to provide more information about quotes on the liquidity swap book, we now indicate the range of “days” available on the individual quotes underlying the aggregated quote shown on the website. This information now allows users to interact with quotes more precisely with offering or taking liquidity.
4. Minimum Liquidity Swap Charge: This change actually went into effect several weeks ago, but we thought we would like to take advantage of the new Announcements Page to reiterate what has been communicated in the forums. We have imposed a minimum charge of one hour on any matched liquidity swap to prevent users from inappropriately manipulating liquidity swap offers and creating unnecessary volatility in liquidity swap rates
5. No Crossed Orders: We have made a change that will no longer show so-called “marketable limit orders” on the order book prior to execution. This long requested feature is now in production.
6. Bitstamp Liquidity combined with Bitfinex: Lastly, and perhaps most importantly, we have listened to your feedback and we agree that trying to superimpose two order books with different pricing is confusing, forcing traders to do a lot of extra math when all they really want to do is trade. Going forward, we will no longer be showing “Bitstamp” orders on our book, but rather regular “BFX” orders reflecting Bitstamp liquidity, but priced and grouped in such a way that BFX commission rules can be applied uniformly to all trades on the platform. This change has (or will have) a number of positive side effects, including:
a. Improved API: API users will now be able to see the “re-labeled” Bitstamp order and quotes whereas in the past the API would only show “BFX” orders and trades.
b. Better Interface: A single order book will allow us to redesign the trading interface to be simpler and more intuitive
c. Faster Order Matching: Near real-time order matching is now possible because of the efficiencies we have gained with this change in architecture.
This changes will be implemented within the next few days.
Stay tuned! More is coming as we execute on our plan to make Bitfinex the premier crypto currency trading platform in the world. We thank you for all of your suggestions, your loyalty and your patience while embark on next phase of development as an exchange and a community.
The Bitfinex Team
During the Chinese New Year, from the 31st of January to the 6th of February, our deposit bank will be closed for the holidays. To avoid any disruption of service, we temporarily accept deposits on our other bank account for which details can be found on the Deposit page.
The Bitfinex Team